PB Lifestyle has unconditional licence to launch Playboy-branded clubs, cafes, lounges, pubs, beer gardens, hotels, signature events and merchandise in the country. It currently owns flagship Playboy Clubs in Mumbai, Delhi and Hyderabad and Beer Gardens in Pune, Delhi and Hyderabad. Joshi had first acquired a minority stake in the company last year.

ET was the first to report on June 20, 2016 that Joshi was investing $10 million in the first tranche and had an option to increase his stake to 50% in the company. Confirming that he has taken over the company, Joshi told ET: “When you are working with someone else, there are differences of opinions. There was difference in ideology, so I decided to take over the company.” Joshi said he had so far invested close to $4 million in the business.

“My expansion plan requires Rs 300 crore, or $50 million, investments. I see this brand growing. I am ready to do that,” he added.

PB Lifestyle is the master licence holder of Playboy for the next 20 years. It was earlier owned by Parag Sanghavi, who partnered Joshi last year. Joshi believes that his understanding of running existing businesses — he also owns Kings Beer and a franchise for Planet Hollywood in Goa — gives him an understanding of alcohol distribution, infrastructure and hotels, which will help in building the Playboy brand faster in India. In April, Joshi’s Viiking Ventures acquired the Kingfisher Villa in Goa, once owned by Vijay Mallya, for Rs 73.01crore.

The all-equity merger deal includes an exchange ratio of 4.39 HUL shares for each GSK Consumer India share, along with GSK entire operations of nutrition business and contract to distribute the latter's over-the-counter (OTC) and oral care brands such as Sensodyne, Eno and Crocin.